Why Bad Credit is No Barrier to Home Ownership

Image by Getty Images via @daylifeContrary to pretty much everything you have ever heard about mortgages and bad credit, you can secure a mortgage allowing you to purchase your own home. All of this, regardless of the fact that you may find each or all of the following on your credit files:
oPersonal bankruptcies;
oArrears on mortgages;
oRepossessed houses;
oWrits;
oJudgements; and/or
oDefaults.
Most Australians with bad credit problems have defaults on their credit files. This basically means they have had outstanding debts on any of their bills that are in arrears 60 or more days. It's a fact that default listings for Australians increased by a staggering 63 per cent from 2004 to 2005! (The Sunday Times 8th January 2006)
Bad Credit - there's hope and here's how!
If you fall into the bad credit category, there is hope contrary to whatever banks, mortgage brokers or other financial people may say! These guys only think there is no hope because they take one look at a bad credit mortgage applicant and say, "They're too hard to find a loan for, and I don't have the time or patience to do the run around necessary to find the right loan for these special cases."
So how is there hope then, if mainstream mortgage brokers and lenders simply throw their hands into the air and run whenever a bad credit mortgage applicant approaches them?
Your hope can be found in the most obvious place: bad credit mortgage brokers. These experts specialise in helping bad credit clients on a daily basis and securing mortgages for them.
That's right - on a daily basis. People with bad credit!
Any good specialist in the field of bad credit mortgages, will make it their personal mission to work with bad credit clients so they can:
oGet you mortgage ready;
oFind you the right mortgage to suit your circumstances; and
oWork with you to ensure your financial independence, not just to secure your loan, but also so you can have a financially independent and successful future where you are in complete control of your money!
Good bad credit specialists differ from mainstream mortgage brokers in two ways: they work with bad credit clients to get them a mortgage and they work with them to plan for a financially successful future.
Okay, so there's hope but won't I pay a MASSIVE interest rate if I have bad credit and secure a mortgage?
Don't be fazed by the things you hear from the media or mainstream mortgage brokers and lenders regarding bad credit and mortgages. It is a fact that if you do have bad credit, then you won't secure a mortgage with the lowest interest rate, however we will get you into a home with a reasonable rate. Then we will work with you to make sure you follow our specific financial plan, tailored to you, that ensures you not only have money to pay your mortgage, but plenty left over to get you on your way to financial independence.
Bad credit is just a hiccup in your road to financial independence. The key to remember is that bad credit doesn't necessarily have to railroad you on your financial success journey. There is life beyond bad credit. Financial success can be yours. You just need to choose whether or not you want to pursue it. It's that easy!
Choosing the path to financial success
Your first step to financial success and your own home, even if you do have bad credit, is to find a good bad credit specialist and call them! They work daily with people who are in financial situations that nobody would want to be in, however the great news is that any bad financial situation can be overcome. Overcome your bad credit situation now, and embark on that road to financial success.
www.bad-credit-loan-expert.com
© Julian Thornton, Little Hinge Publishing, 2006.
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of

Single Digit Interest Rates for Bankrupts and Bad Credit Loans

Loans (Photo credit: jferzoco)Approach any person in the street and ask them to describe home loans for people in a bad credit or bankruptcy situation. I can say with almost full certainty that the majority of these people you speak to will say that a bad credit mortgage will incur huge interest rates that will render them impossible to pay off. That's because this has been the main message churned out by the media, and the big players in the world of mortgages - the major lenders and the majority of mortgage brokers. As you probably already guessed by visiting this website, it is possible for people with bad credit - even bankruptcy - to secure a home loan. The question is, just how good can the interest rates be?
How Low can you go?
Watch any television ads or read the marketing propaganda from the big players and you'll probably think low interest rates are a winner all the way. Sure, in some cases they may well be, however the interest rate alone won't determine if a home loan is right for a certain person. Factors such as the duration of the mortgage and the specific financial situation of the client also come into play. For the purposes of this article however, we are focusing on bad credit mortgages and the interest rates you can expect.
The fact is with bad credit, you won't be able to take advantage of the lowest interest rates on the mortgage market. The reality is that with bad credit, you are perceived by lenders to be somewhat of a risk. This said though, there are lenders out there who will help you, and provide an interest rate that won't break your budget. I know that reputable bad credit mortgage brokers can secure really good interest rate mortgages for clients with bad credit. There have been cases where specialist brokers have been able to secure loans for bad credit clients that have a 5.79% interest rate for the first year, and a 7.79% rate for the years following. Not bad at all! You too can secure a home loan with a good interest rate as well, even if you have bad credit. Now I'll tell you how to do this.
Securing Single Digit Interest Rates on a Bad Credit Home Loan
Here's my main advice if you are in a bad credit or bankruptcy situation and you are seeking a home loan: forget the banks and the majority of general mortgage brokers. They can't help you! To secure a home loan with single digit interest rates or any home loan at all, you will need to go to a reputable bad credit mortgage specialist. A professional worth their salt will work with you to get your financial house in shape, so you can be in the best position to take advantage of the very best loan for your circumstances. Single digit loans very well may be a possibility for you, however this will only have a chance of becoming a reality if you work with a true professional, experienced in the area of bad credit mortgages. Inexperienced or general brokers can't help you.
Don't Let Bad Credit or Bankruptcy Stand in Your Way of Home Ownership
As a specialist in the area of bad credit mortgages, I go out of my way to tell my clients that bad credit isn't the end - it's an opportunity to take advantage of and run with! By working with a specialist in bad credit, you can use your situation as a catalyst for positive change in the area of your finances. Work with a good team of bad credit mortgage specialists, and see just how much you can do to improve your financial situation for good - and secure the home loan that works for you. Single digit home loans may well be within your reach, so explore the possibilities today and take action!
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of "How To Get A Mortgage When No-one Wants To Give You One!"
http://www.bad-credit-loan-expert.com
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
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Who Said Bankrupts Can't Be Home Owners

Image by Getty Images via @daylife“If you’re bankrupt now or ever have been, there’s no way you can ever own your own home.” This has long been the belief of the greater public and we have the media, the big lenders and the majority of mortgage brokers to thank for it. With bankruptcy on the rise in Australia, along with bad credit, any wonder there are so many people around, feeling completely helpless when it comes to their home ownership prospects!
The Myths about Bankruptcy and Home Ownership
As a bad credit mortgage expert, I know what can and cannot be achieved when it comes to bad credit and home ownership. I am now giving you written permission to ignore all of the following regarding bankruptcy and home ownership, because they are myths:
•If you are a discharged bankrupt, home ownership is impossible: This belief that if you are a discharged bankrupt, you cannot get a home loan is baseless. Take one look at the wonderful things bad credit mortgage brokers are achieving and you’ll realise this in an instant. The banks will say no, but bad credit mortgage brokers will say yes – how can we help you?
•If you are still bankrupt, you cannot get a home loan: This is such a widely held belief, however if you enlist an experienced bad credit mortgage specialist, it is possible to secure a home loan even if you haven’t been discharged as a bankrupt. They are tricky to secure, however it is possible. If you aren’t able to secure a loan, even when working with a bad credit mortgage specialist, before you have been discharged, a good expert will help to get your mortgage ready. Experienced specialists do this all the time, and they can do it for you also!
•If you are or have been bankrupt, any loan offered to you will have incredibly high rates of interest: Many people believe that any loans that bankrupts can secure will be impossible to afford due to the high interest rate. This is a myth, however it is true that the interest rate on a home loan for a bankrupt will be higher than the bottom rate. Even so, it is possible to secure a loan that has a reasonable rate that will be affordable. A good team of bad credit mortgage brokers will work with people who are or have been bankrupt, to ensure that each client achieves financial control, so that when they do secure the loan, they can pay it off with ease and be well on their way to a financially secure future.
Even today when bad credit mortgage brokers are achieving so much for their bad credit, bankrupt clients, most people will still stand firm on their beliefs as stated above. Part of this is largely due to the fact that bankruptcy still has a significant stigma attached to it and the myths are literally coming out of the mouths of ‘experts’. People never think to question them, and simply take their word for it.
The Best Way to Secure a Loan if you are Bankrupt
First of all, you need to understand that bankruptcy isn’t the end. In my opinion, it is best for bankrupted people to see it as an opportunity to pursue financial control with fervour! The best way to secure a home loan if you are or have been bankrupted is to see an experienced bad credit mortgage broker. They deal with bankrupt clients all the time, and know who to talk to and how to turn the financial lives of clients around for the better. To secure a good home loan that you will be able to afford, forget the banks and the majority of mortgage brokers. They just can’t help you. Specialists can though, so dismiss the negative propaganda our media, big lenders and most mortgage brokers churn out so well! Be the proof that these messages are myths and talk to a bad credit mortgage specialist today!
Julian Thornton is a Melbourne-based mortgage specialist who owns and operates the highly successful Designer Mortgage Solutions Pty Ltd. Although specializing in the field of bad credit mortgages and debt elimination, Julian can help anybody into their own home and prepare them for financial success. Julian can be contacted by email at julian